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    Reference: 20190166
    Release date: 16 October 2019

    Promoter – Financial Intermediary

    SLOVAK ASSET MANAGEMENT SPRAV SPOL AS

    Location

    Description

    The proposed operation consists in an equity commitment of up to EUR 10m in the Venture to Future Fund, a EUR 40m fund investing mainly in SMEs based in Slovakia (equity and quasi equity). This fund is set up with the support of the local National Promotional Institution (NPI) named Slovak Investment Holding (SIH).

    Objectives

    The Fund's strategy is to provide SMEs with ''fresh'' capital to finance development and expansion phases. The rationale for investing will be to boost to the severely underdeveloped equity market in Slovakia. The Fund will be additional to existing equity financing instruments in its focus on sectors and geographical areas excluded or insufficiently supported by the European Structural and Investment Funds (ESIF).

    Sector(s)

    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    EUR 10 million

    Total cost (Approximate amount)

    EUR 40 million

    Environmental aspects

    The Fund will be required to develop an environmental & social policy and establish the appropriate management systems so as to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the Fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law, EU environmental legislation as well as the EIB Environmental and Social Standards (inside the EU) and in compliance with national law and in line with the principles and standards of relevant EU environmental legislation as well as the EIB Environmental and Social Standards (outside the EU).

    Procurement

    For investments located inside the EU, the Fund has been assessed by EIB as investing only in private companies not being subject to EU rules on public procurement or concessions. For investments located outside EU, the Fund has been assessed by the EIB as investing only in private companies not operating in the utilities and not having a status of contracting entity, and not being concessionaire. The EIB will require the Fund Manager to take all the requisite measures to ensure that contracts for the implementation of the projects financed by the Fund follow fair and transparent procurement procedures and satisfy the criteria of economy and efficiency.

    Status

    Signed - 19/12/2019

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Slovakia Services